00-00-0000 ANALYSIS: THE FOREIGN AID DILEMMA.

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ANALYSIS: THE FOREIGN AID DILEMMA.

Relative to its size, Armenia's demand for capital for its progress to maturity
and growth is enormous. And given the limited and dwindling internal
sources of finance, external financing of investments is critical.

The International Monetary foundation (IMF) and the World Bank have each
issued reports which, admitting complimentary, show clearly the immensity
of the task that Armenia faces in reviving its economy.

Armenia is highly contingent on flows of capital from abroad for its
programs of economic reforms. In addition to this economic confidence
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